Mortgage broker L&C has seen over £2.6bn worth of mortgage applications through its online tool since its launch 12 months ago.
The Mortgage Finder service, available across all devices, enables customers to input their personal financial information and mortgage requirements, to find a borrowing amount and range of mortgage deals to suit them.
It also caters for buy-to-let borrowers as well as those looking for residential mortgages and remortgages. Recent L&C data found that most customers using the online tool were looking at residential property (86%), with one in seven looking for buy-to-let (14%), half (50%) were doing so to remortgage, and a third (33%) looking to buy their first home.
L&C’s analysis reveals that Mortgage Finder is most popular with those aged 31-40 years old (43%), while 24% of users were between the ages of 41-50 years old, suggesting that all customer ages and types, from young first time buyers to more mature remortgage customers are taking their search for a mortgage online.
David Hollingworth from L&C said: “Customers’ needs continually evolve and it’s clear that our pioneering Mortgage Finder is fulfilling those needs. We designed the online journey to allow customers to easily see how much they could borrow, and the sort of deals they may be eligible for – as we know that consumers are very interested in access to this information.
“Interestingly a wide range of age groups are also embracing this technology and using the tool, which demonstrates the broad appeal of the Finder, and the ease with which it can be used.
“L&C’s Mortgage Finder portal goes further than just producing tailored results, by providing insights into why a customer is perhaps not eligible for some lenders’ deals – and enables them to choose to speak to an expert adviser at any stage. While technology is a huge enabler, we recognise that it’s important to maintain the human element. Although the enquiry can be completed in full online, our experienced advisers are always on hand to assist – drawing on our heritage and experience as a leading broker and combining it with technology.”